Houston Housing Market: September 2024 Analysis
The Houston, TX metro area housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes stands at $336,000, reflecting a slight decrease of 0.9% year-over-year. This decline suggests a cooling in the market, potentially offering opportunities for buyers seeking more affordable options.
In contrast, the Median List Price remains stable at $349,990, showing no change from the previous year. This stability in list prices, coupled with a 3.1% increase in the Median List Price per square foot to $172.05, indicates that sellers are maintaining their pricing strategies despite the slight dip in sales prices.
The number of Homes Sold in September 2024 is 6,855, marking a 2.0% decrease compared to the same period last year. However, Pending Sales have increased by 1.9% to 7,570, suggesting a potential uptick in future transactions. New Listings have seen a marginal decline of 0.4%, totaling 9,210, while inventory has risen significantly by 8.7% to 25,889 homes. This increase in inventory, along with a 40.0% rise in Months of Supply to 3.80, indicates a shift towards a more balanced market, providing buyers with more options.
The Median Days on Market have increased by 12.0% to 46 days, reflecting a slower pace in the market. The average sale to list ratio has slightly decreased to 97.0%, down by 0.7% year-over-year, suggesting that buyers are negotiating more effectively. Additionally, the percentage of Homes Sold above list price has dropped by 3.4% to 12.7%, further indicating a shift in market dynamics.
Price Drops have become more prevalent, with 38.2% of listings experiencing reductions, up by 3.5% from last year. This trend may be a response to the increased inventory and longer time on the market. Meanwhile, the percentage of homes going off the market within two weeks has decreased by 6.1% to 24.8%, highlighting a more deliberate pace in buyer decision-making.
Overall, the Houston housing market in September 2024 is characterized by a slight decline in sales prices, increased inventory, and a more balanced supply-demand dynamic. Buyers may find more negotiating power and options, while sellers may need to adjust expectations and strategies to align with the evolving market conditions.
